The inner libertarian
You would think that the competition authority could not fail to see banks writing loans < WACC, an RBA worried about a housing collapse, NIMs rolling over (CBA, NAB) and then conclude that ANZ shouldn’t be allowed to take SUN’s tiny banking arm on competition grounds.
An acquisition that would only take its share back to where it was a few years prior. If the US has shown us anything over the past quarter, it is that scale in banking confers advantages from a financial stability perspective.
This is the same authority who thinks that TLS opening its network up to others (who want to price at lower points for the customers they could then target) is a worse outcome than keeping its network closed, whilst also failing to note that rates went from 0 to 4%.
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